Considerations on currency reform in Germany after World War II
Abstract
This article is theoretical and presents the currency reform of June 20, 1948,
which laid the basis for the reconstruction and rebirth of the West German economy after
World War II. The authors analyze the conditions related to the need to carry out the reform,
emphasizing the role and interests of the United States in this undertaking. It is widely believed that the reform gave rise to impressive economic growth, the so-called “economic miracle”
that no one could have predicted before. A closer analysis, however, shows that the initial
aim was not to pave the way for an economic miracle, but it was rather a meticulously
prepared plan of action by the American superpower to strengthen its position in the world
and limit the influence of the socialist idea. Therefore, this paper seeks to explore the hypothesis
that the currency reform in post-WWII Germany was primarily aimed at securing American
dominance and limiting Soviet influence.
JEL Classification: P16; E42; E52.
Keywords: Currency reform political economy monetary policy Germany World War II